Oil Prices Down As OPEC Postpones Meetings
Fahad Shabbir (@FahadShabbir) Published December 01, 2020 | 02:18 PM
Oil prices fell on Tuesday after an OPEC meeting to decide on production policy failed to reach a consensus and was delayed amid concerns about oversupply and weak deman
ANKARA (APP - UrduPoint / Pakistan Point News - 1st Dec, 2020 ) :Oil prices fell on Tuesday after an OPEC meeting to decide on production policy failed to reach a consensus and was delayed amid concerns about oversupply and weak demand.
International benchmark Brent crude oil was trading at $47.49 per barrel at 0648 GMT for a 0.81% drop after closing Monday at $47.88 a barrel.
American benchmark West Texas Intermediate was at $44.98 per barrel at the same time for a 0.79% fall after it ended the previous session at $45.34 a barrel.
Oil prices have gained more than 27% in November with rising hopes for a quicker economic and oil demand recovery instilled by the successful corona-virus vaccines. Investors were also waiting for the outcome of the OPEC+ meetings expecting for at least three-month extension of the current production cuts of 7.7 million barrels per day (bpd).
Convened on Monday, the 180th ordinary meeting by OPEC countries failed to reach a consensus and the group agreed to meet again one day later.
Production cuts are supposed to be lowered by around 2 million bpd to 5.8 million bpd as of Jan. 1, 2021 in line with an agreement in April. But experts say OPEC+ meeting on Tuesday was postponed due to some dissenting voices from OPEC ranks. These countries, including the ones with strained economies, are in favor of a higher production level.
Speaking at the opening session of the 180th ordinary meeting by OPEC on Monday, Algerian Energy Minister Abdelmadjid Attar recalled positive COVID-19 vaccine developments and said the effects of the vaccines will likely begin to be significantly apparent in the second half of 2021 as the global deployment of vaccines will take time.
Recent Stories
Iranians appear unfazed by Isfahan blasts
UAF celebrates Int'l Chinese Language Day
Mirpur Police arrest 68 suspects of food outlet attack
Ecuador mayor killed ahead of anti-crime referendum: police
Flooding on Chitral-Peshawar Highway strands travelers
Bilawal Bhutto demands govt to hold tripartite dialogue to curb terrorism
Punjab ombudsman facilitates over 1.36 crore payment to victims
Croatia top court bars president from becoming next PM
Leghari seeks KP Govt’s cooperation in anti-power theft campaign
Sehwan Development Authority's staff protests against non-payment of salaries
DIG directs SSPs to take unrelenting action against organized crimes
Govt committed to provide relief to poor people: Khawaja Asif
More Stories From World
-
Iranians appear unfazed by Isfahan blasts
4 minutes ago -
Ecuador mayor killed ahead of anti-crime referendum: police
23 minutes ago -
Croatia top court bars president from becoming next PM
23 minutes ago -
Lacking storm drains, Dubai sees persistent flooding
59 minutes ago -
West Bank villagers vigilant but vulnerable after settler attacks
57 minutes ago -
Calls for calm after reported Israeli strike on Iran
59 minutes ago
-
Iran blasts rattle global markets
1 hour ago -
Photography is 'mirror on society': Sebastiao Salgado
55 minutes ago -
Zelensky says NATO must choose 'whether we indeed are allies'
55 minutes ago -
Kenya mourns defence chief killed in helicopter crash
55 minutes ago -
Iranians appear unfazed by Isfahan blasts
55 minutes ago -
French police detain intruder at Iranian consulate in Paris
55 minutes ago